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Trustworthy Real Estate Consultant- Bharat And Company

Friday, 26 September 2014

As the city of Gurgaon grew and expanded its boundaries, newer areas
needed to be brought under the development umbrella. The new upcoming sectors
in Gurgaon encompass the region surrounding the under-construction Dwarka-Gurgaon
Expressway (also called the Northern Peripheral Road). Most of these
sectors are approved for group housing projects, with a handful of commercial
projects also approved for development.

The Next Development Hub

The two main
clusters are along the upcoming Dwarka-Gurgaon Expressway in New Gurgaon’s
Sectors 102 to 113 and Sectors 76 to 95 along the NH-8 connecting Gurgaon to
Manesar. Both these clusters were predominantly marketed as affordable andmid-income housing catchments. A host
of projects were launched in these locations over 2009 and 2010. The peak of
these areas’ popularity was in mid-2010; however, as with most developments, a
generic price rise of between 15-20% dampened demand with price-sensitive
buyers.

Though still
favoured by budget home seekers, these areas have also seen recent launches in
the premium segment by bigger developers like Sobha, ATS and Puri
Constructions. This phenomenon has attracted HNI buyers andresidential propertyinvestors who are
looking for capital appreciation opportunities. In comparison to projects in
the Dwarka-Gurgaon Expressway precinct, the developments along the NH-8 –
spanning sectors 76 to 95 – are selling at lower price points. Connectivity to
these areas is expected to improve further with the development of the Northern
Peripheral Road and the arterial sector roads.

Sector-114, which lies near the
upcoming Dwarka Expressway, is designated for commercial use. Due to its
proximity to Delhi and the airport, commercial development here is expected to
witness good demand levels. However, the demand for commercial office space
would depend on the completion of the Dwarka Expressway, the internal sector
roads and other infrastructure improvements. Currently, connectivity is through
a 24-meter sector road.

Demand for commercial office
properties in this part of Gurgaon is likely to pick up over the next 3-5
years, when certain projects will show visible signs of construction progress
and this will provide a clearer vision of the completion timelines for the
Dwarka Expressway. Apart from its proximity to the airport, this region will
also benefit from the planned Metro connectivity, which will further fuel
demand for office space.

However, the, bottom line remains
that only complete clarity on the timelines for the infrastructure developments
in this part of New Gurgaon will finally boost commercial office space demand
in this sector. Its proximity to Delhi and the development of the Expressway
and the Metro will definitely prove advantageous to this sector over the medium
to long term.

Most ofresidential property demand for
mid-segment housing is concentrated around the upcoming residential corridors
around the Northern Peripheral Road and other sectors around NH-8. Prices in
these projects have appreciated steadily over the second half of 2010 and the
whole of 2011. This is an indicator of the healthy demand in these clusters.

The Southern
Peripheral Road is close to the established residential corridor of Sohna Road.
A host of residential projects have been launched here by Unitech, Tata
Housing, Today’s Group, BPTP and Tulip, among others. Residential prices on the
Southern Peripheral Road are closer to those of projects on Sohna Road and vary
between Rs. 4600-7200/sq.ft. Both these upcomingresidential real estate corridors in
Gurgaon offer a host of options by reputed developers, at and prices which
allow for a potential capital appreciation.

Struggling With Challenges

On a more somber note, a lot of the
proposed infrastructure in these clusters is still being put in place. For
instance, the Southern Periphery Road and the last stretch between Sohna Road
and the NH-8 are still incomplete. No clue is yet available on the issue that
is delaying the completion. The contract for the Dwarka Expressway has been
awarded to Indiabulls, and construction is slated to finish over the next 12-16
months. The concern going forward is two-fold:

2.The developers’
ability to finish their projects, adhere to schedule and delivery quality

Also still to be demonstrated is the
ability of the civic authorities to create and maintain infrastructure which
will be able to sustain the pressure of a sizable addition to the
population over the next 4-5 years.

Physical infrastructure like roads,
power and sewage disposal are developing at a slower pace than what working at
optimum capacity would deliver.

oThe road
infrastructure, in particular, has struggled to cope with the increase in
vehicular traffic.

oThe sector roads in
upcoming clusters need to be fast-tracked (the current state of existing roads
does not inspire much confidence)

oGurgaon has been
plagued with inadequate power generation; with power requirements increasing
rapidly, concrete steps need to be taken in this regard.

In short, infrastructure development
in Gurgaon has definitely not kept pace with the speed of real estate
development. The Millennium City is already challenged in providing the right
quality of life to its citizens, and the upcoming developments there are going
to exert further pressure even as capacity building remains at sub-par levels.